Consolidated registry services for Companies, Incorporated Societies, and Secured Transactions
The Challenge
The Government of the Cook Islands has enacted a new Companies Act and a new Personal Property Securities Act (PPSA). Both of these new laws contemplate the use of online, electronic registries to modernize the registrations required under each law and improve the business and investment climate in the Cook Islands.
The Solution
The Paradigm Applications Registry System (PARS) Companies Registry module was implemented to allow owners of enterprises to register online in accordance with the new Cook Islands Companies Law and Incorporated Societies Act and agreed specifications of the electronic registry. Additionally, the PARS PPSA Registry Module was implemented within the same Registry Services instance to provide an online, electronic registry compliant with the new PPSA Law to allow lenders to register evidence of their security interests in real time online so as to secure their priority position in the collateral, in accordance with agreed specifications of the electronic registry. MOJ staff was trained to manage the electronic registry.
